- All buyers have an equal opportunity to buy a property.
- An abundance of information on a property is available.
- A buyer can get a relative sense of the market for the property based on auction attendance.
- A potential for great deals.
- You determine what you are willing to pay for a property.
- Speed and efficiency of purchase.
- You have full control of the sale date, selling terms and closing date.
- Reduces holding costs with an immediate sale.
- Set closing period, typically 30-45 days or less.
- Buyers are pre-qualified and ready to bid.
- The sense of urgency and competitive bidding on auction day generates a higher sale price.
- No ceiling price, no buyer contingencies.
- Auctions mean action.
- Quick method of selling your property at or above market value.
TYPES OF AUCTIONS
Live Outcry Auctions
These are the traditional auction events that are held on site or at a neutral location, and are conducted by the auctioneer “calling the bid” in a traditional auction chant style.
Sealed Bid Auctions
Each interested bidder submits a single, irrevocable bid without knowledge of the other bids. When the bidding period is closed, the bids are opened simultaneously, and the winner is the highest bidder. In some cases the seller may direct the top 3-5 bidders to be called in for a live auction, this is generally detailed in the auction terms and conditions and is set before the auction date.
Timed Online Only with Bid Center
Online Bid Center auctions are fairly new to the industry, are the fastest growing, and many feel will take the place of live auctions in the future. Much like live/online combination auctions, although these are 100% online auctions with a remote bid center set up at a location near the property being sold. The auctioneer and bid assistants are on site at the local bid center to help prospective bidders navigate the online bidding process. This method allows worldwide internet exposure for the seller while incorporating a one on one, hands on, experience for the buyer if they so desire. These auctions are timed events where the buyer has a certain number of days or hours to competitively bid on property with a designated close time. A bid placed within the last 4 minutes of the auction close time will extend the auction an additional 4 minutes (Known as a “soft close”). Bid extensions continue and auction does not end until there are no bids for 4 minutes.
Online Only Auctions
These are auctions that are totally conducted and transacted through 100% online bidding via the internet, powered by Auction Flex/Hibid custom Hayden Outdoors auction website. Typically, these are timed events where the buyer has a certain number of days or hours to competitively bid on property with a designated close time.
These are auctions where the seller and buyer can conceivably get the best of both worlds. These auctions combine the “live outcry” method and the “online” auction method. Buyers can choose either to show up at the auction and bid to the auctioneer “live” or bid live real time online via the internet.